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Health insurers are using AI to deny coverage for care. Now, patients are using the technology to fight back.
UnitedHealthcare, whose CEO Brian Thompson was killed last week, refuses an estimated one-third of claims submitted—nearly double the industry average—and the insurance giant is being sued for allegedly denying claims using an AI model with a “90% error rate.”
But one San Francisco Bay-area software engineer recently built a free tool that uses AI to create pre-written appeals based on information you provide.
“This has come into sharp focus because of national events…. but the problem has existed for a very long time beneath the surface,” said Warris Bokhari, cofounder and CEO of Claimable, a new startup that also uses AI to fight denials.
FIRST UP
The Nasdaq hit a new all-time high on Wednesday, surpassing 20,000 for the first time in the index’s 53-year history, as it has surged this year due to the AI boom. The rally was led by Broadcom, Alphabet, Crowdstrike and Tesla, as well as some of the world’s largest companies such as Nvidia and Amazon.
The price of bitcoin rallied above $100,000 Wednesday, extending its post-election gains following the latest inflation report. Bitcoin increased by nearly 6% to over $101,300 as of late afternoon Wednesday after a two-day selloff.
BUSINESS + FINANCE
In the final report on inflation this year, consumer prices rose 2.7% year-over-year in November, in line with analysts’ expectations. The Federal Reserve is expected to cut rates by 25 basis points next week, though its officials signaled last month that the Fed was more open to “gradual” rate cuts.
Circle and Binance have joined forces in a partnership that deepens ties between USD Coin, a stablecoin with $41 billion in assets under management, and the world’s largest crypto exchange. Teaming up with a major U.S.-based crypto company could give Binance a reputational boost after its founder Changpeng Zhao stepped down as CEO last year and pled guilty to violations of anti-money laundering and sanctions laws.
WEALTH + ENTREPRENEURSHIP
Elon Musk, the world’s richest person, briefly became the first to have a net worth surpassing $400 billion—making him worth more than any billionaire Forbes has ever tracked in nearly four decades of ranking the world’s billionaires. Musk’s net worth jumped by $58 billion Wednesday after Forbes confirmed that SpaceX and its investors agreed to buy back insiders’ shares in a deal valuing the rocket company at $350 billion, first reported by Bloomberg.
Billionaire David Bonderman, whose private equity firm TPG orchestrated dozens of leveraged buyouts over the decades since it was founded in 1992, has died at age 82. Bonderman, who Forbes estimates was worth $7.4 billion at his death, began his career as a lawyer, and was the founding owner of the Seattle Kraken NHL team.
TECH + INNOVATION
Google unveiled a prototype of smart eyeglasses powered by the next generation of its marquee artificial intelligence model, Gemini, to give wearers information about their environment in real-time. More than a decade ago, the tech giant unveiled its ill-fated Google Glass, which sparked backlash over privacy concerns, but the market for wearable technology has since become less hostile.
MONEY + POLITICS
Linda McMahon, former WWE executive and President-elect Donald Trump’s pick to lead the Department of Education, quietly bankrolled his raucous October rally at Madison Square Garden. On October 18, McMahon cut a check for $1 million to the America First Action Fund, a new super PAC that paid $500,000 to Madison Square Garden four days later.
MORE: FBI Director Christopher Wray told agency employees he intends to resign in January, a little more than a week after President-elect Donald Trump nominated Kash Patel to replace him. Trump nominated Wray for a 10-year term during his first White House tenure, but he has repeatedly criticized him, in part for the agency’s role in various federal investigations into Trump.
SPORTS + ENTERTAINMENT
The NFL dominates Forbes’ latest list of the World’s 50 Most Valuable Sports Teams, with the Dallas Cowboys, worth an estimated $10.1 billion, holding the top spot for the ninth straight year. But NBA teams made real gains, with the league’s 30 franchises worth $4.4 billion on average this year, a staggering 596% jump from a decade ago.
Saudi Arabia was confirmed as the host of the 2034 World Cup, a controversial move as all eyes turn to its human rights record and concerns following migrant worker abuses that plagued Qatar’s 2022 World Cup. The Saudi plan has been criticized for the apparent ease at which the bid was approved by FIFA and for contributing to the country’s efforts to “sports wash” its history, while FIFA has claimed it could help drive positive change.
TRENDS + EXPLAINERS
The fatal shooting of UnitedHealthcare CEO Brian Thompson has sparked boardroom conversations about whether companies need to ramp up protection for C-suite executives. Only about a quarter of public companies provide personal security to any executives: It’s expensive, and depending on the kind of security, who is protected and whether a formal security study was completed, those costs may or may not get favorable tax treatment.
The law that could ban TikTok gives creators a right to get all their data back from the company before a potential ban, a provision designed to protect creators from having their work disappear if the app is banned. You can use TikTok’s in-app feature that lets people download their data, but if you still don’t have all the data you need, file a request through this legal form.
DAILY COVER STORY
The Midas List Europe
TOPLINE In the last year, Europe’s top AI startups—Mistral, Helsing and Wayve—together raised more than $2.2 billion. While still dwarfed by the colossal fundraising and valuations of U.S.-based AI rivals, those numbers indicate a sea change in tech investing on the continent and in the Middle East, as reflected in this year’s Midas List Europe.
Despite the excitement around AI, Europe and its startups continue to operate against the backdrop of Ukraine’s ongoing crisis, and face the looming specter of a trade war with the United States. But regardless of shifting global trends, the best investors in Europe and the Middle East have demonstrated a knack for backing the most valuable startups.
Produced in partnership with TrueBridge Capital Partners, the Midas List Europe is the definitive ranking of the top 25 tech investors in Europe and the Middle East. This year, Pawel Chudzinski of Point Nine Capital moves to the top spot thanks in part to British fintech Revolut raising at a $45 billion valuation, combined with early bets on banking startup Mambu and crypto investigation tool Chainalysis.
This year’s list sees five new VCs joining the club for investors with the golden touch. These include General Catalyst’s Jeannette zu Fürstenberg, her former investing partner Robert Lacher of Visionaries Collective and Florian Schweitzer of b2ventures. A veteran of the international list, Eric Liaw of IVP adds to the growing cohort of American investors now based in London.
WHY IT MATTERS “The Midas List Europe, while smaller than the global Midas list Forbes publishes every year, offers a peek into the minds behind the most successful deals on the continent,” says Forbes assistant managing editor Katharine Schwab. “Chudzinski, who made his name by getting in on the ground floor of the startup scene in Berlin after the financial crisis, cracks the top spot for the first time this year. He told Forbes it’s been incredible to watch the city’s startup economy explode. ‘It’s unbelievable,’ says Chudzinski. ‘Just as unbelievable as the development of the tech ecosystem in Europe.’”
MORE Europe’s Top VC Bet Big On Berlin’s Once ‘Poor But Sexy’ Startup Scene
FACTS + COMMENTS
The NFL will broaden its reach across Europe next year by playing its first-ever regular season football game in Berlin. The league is trying to widen its international audience:
34 years ago: When an NFL preseason game was first held at the Olympic Stadium in Berlin
20 million: The number of NFL fans in Germany, according to NFL Commissioner Roger Goodell
Up to eight: How many games Goodell says the league is looking to play outside of the U.S. next year
STRATEGY + SUCCESS
Asking for a raise can seem daunting, but successfully navigating the conversations can ensure you’re compensated fairly and invested in your role. Before approaching your boss, evaluate your contributions objectively: Consider your measurable impact on factors like revenue growth or cost savings. And be sure to conduct market research on the pay for similar roles elsewhere.
VIDEO
QUIZ
Several major social media apps experienced outages Wednesday. Which of the following is not one?
A. Facebook
B. WhatsApp
C. TikTok
D. Instagram
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Chris Dobstaff, Sarah Whitmire and Caroline Howard.